Click here to close now.



Welcome!

Agile Computing Authors: Ian Khan, Liz McMillan, Cloud Best Practices Network, Elizabeth White, Pat Romanski

News Feed Item

Savaria Announces its Best Quarter in History

LAVAL, QUEBEC -- (Marketwired) -- 08/07/14 -- Savaria Corporation (TSX: SIS), North America's leader in the accessibility industry, discloses its results for its second quarter ended June 30, 2014.

Second-Quarter Highlights


--  Record revenue for a quarter, at $22 million, up 13.3%, from $19.4
    million same quarter in 2013;


--  Operating income of $2.6 million, up 33.2% compared to same quarter in
    2013;


--  Earnings before interest, taxes, depreciation and amortization
    ("EBITDA") of $2.7 million, up 6.9%, compared to $2.5 million in same
    quarter 2013;


--  Declaration of a dividend of 3.5 cents per common share;


--  Inflow of net proceeds of $17.6 million following the conclusion of a
    private placement.

A Word from the President

"Results for the second quarter of this year show a growth in demand for accessibility products. Once again, we have achieved best ever results in revenue and EBITDA, with quarterly revenue of $22 million, up 13.3% compared to the second quarter of 2013, and our operating results increased 33.2%," declared Marcel Bourassa, President and Chief Executive Officer of Savaria.

"With more than $17 million in cash, we are in a great position to expand our organic growth strategy and realize any interesting potential acquisition," concluded Mr. Bourassa.

Operating Results (Comparative Analysis with Second Quarter and First Semester of 2013)


--  In the second quarter of 2014, revenue is up $2.6 million or 13.3%, from
    $19.4 million in second quarter of 2013 to $22 million in 2014. For the
    first semester of 2014, revenue is up $3.1 million or 8.4%, from $36.6
    million to $39.7 million.


--  The gross margin for the second quarter of 2014 is up by $801,000, at
    30.6% of revenue compared to 30.5% in the second quarter of 2013. For
    the first semester, the gross margin is up by $1 million, at 29.9% of
    revenue compared to 29.6% in 2013.


--  Operating income for the second quarter of 2014 increased by $643,000 or
    33.2% from $1.9 million in 2013 to $2.6 million in 2014. For the first
    semester, operating income increased by $339,000 or 9.1%, from $3.7
    million in 2013 to $4.1 million in 2014. Were it not for an income of
    $350,000 recorded in the first semester of 2013, operating income for
    the first semester of 2014 would have been up $689,000 or 20.5%.


--  At $1.5 million, net income for the second quarter of 2014 is up 8.5%,
    from $1.4 million for the second quarter of 2013, an increase of
    $121,000. For the first semester, net income is up 3.5%, from $2.7
    million to $2.8 million, an increase of $94,000.


--  EBITDA for the second quarter is up $173,000, from $2.5 million in 2013
    to $2.7 million in 2014, an increase of 6.9%. For the first semester
    2014, EBITDA is up $115,000, from $4.8 million in 2013 to $4.9 million
    in 2014, an increase of 2.4%. Were it not for the income of $350,000
    recorded in 2013, the increase in EBITDA for the semester would have
    been $465,000 or 10.4%.

Share Capital

During the second quarter, the Corporation completed a private placement, issuing 5,750,000 common shares, resulting in net proceeds of $17.6 million. As at June 30, 2014, 29,554,614 common shares were outstanding compared to 23,010,864 as at June 30, 2013.

Dividend

As per the Corporation's dividend policy, the Board of Directors has declared a dividend of 3.5 cents ($0.035) per common share, payable on August 29, 2014 to shareholders of record of the Corporation at the close of business on August 15, 2014. This is an eligible dividend within the meaning of the Income Tax Act.

Savaria Corporation (savaria.com) is North America's leader in the accessibility industry focused on meeting the needs of people with mobility challenges. Savaria designs, manufactures, installs and distributes primarily elevators for home and commercial use, as well as stairlifts and vertical and inclined platform lifts. In addition, it converts and adapts minivans to be wheelchair accessible. The diversity of its product line, one of the world's most comprehensive, enables the Corporation to stand out by proposing an integrated and customized solution for its customers' mobility needs. Its operations in China have substantially grown and the collaboration with Savaria's other Canadian facilities increases its competitive edge in the market place. The Corporation records some 60% of its revenue outside Canada, primarily in the United States. It has a sales network of some 600 retailers in North America and employs some 410 people at its head office in Laval and at its plants and sales offices in Montreal (Quebec), Brampton and London (Ontario), Calgary (Alberta) and Huizhou (China).

Compliance with International Financial Reporting Standards ("IFRS")

The information appearing in this press release has been prepared in accordance with IFRS. However, the Corporation uses EBITDA for analysis purposes to measure its financial performance. This measure has no standardized definition in accordance with IFRS and is therefore regarded as a non-IFRS measure. This measure may therefore not be comparable to similar measures reported by other companies. Reconciliation between net income for the period and EBITDA is provided in the Financial Highlights section below.

Cautionary Notice Regarding Forward-Looking Statements

Certain information in this press release may constitute "forward-looking statements" regarding Savaria, including, without being limited thereto, understanding of the elements that might affect the Corporation's future, relating to its financial or operating performance, the costs and schedule of future acquisitions, supplementary capital expenditure requirements and legislative matters. Most frequently, but not invariably, forward-looking statements are identified by the use of such terms as "plan", "expect", "should", "could", "budget", "expected", "estimated" "forecast", "intend", "anticipate", "believe", variants thereof (including negative variants) or statements that certain events, results or shares "could", "should" or "will" occur or be achieved. Such statements involve known and unknown risks, uncertainties and other factors liable to cause Savaria's actual results, performance or achievements to differ materially from those set forth in or underlying the forward-looking statements. Such factors notably include general, economic, competitive, political and social uncertainties. Although Savaria has attempted to identify the key elements liable to cause actual measures, events or results to differ from those described in the forward-looking statements, other factors could have an impact on the reality and produce unexpected results. The forward-looking statements contained herein are valid at the date of this press release. As there can be no assurance that these forward-looking statements will prove accurate, actual future results and events could differ materially from those anticipated therein. Accordingly, readers are strongly advised not to unduly rely on these forward-looking statements.

www.savaria.com

Facebook: https://www.facebook.com/savariabettermobility

Twitter: https://twitter.com/Mobilityforlife

Complete financial statements and the management's report for quarter ended June 30, 2014 will be available shortly on Savaria's website and on SEDAR (www.sedar.com).

Financial Highlights


============================================================================
(in thousands,
 except per-share
 amounts and
 percentages -                  Quarters Ended     Six-Month Periods Ended
 unaudited)                           June 30,                    June 30,
                  ----------------------------------------------------------
                      2014      2013    Change      2014     2013   Change
----------------------------------------------------------------------------
Revenue            $21,977   $19,397      13.3%  $39,665  $36,600      8.4%
----------------------------------------------------------------------------
Gross margin as a
 % of revenue         30.6%     30.5%      n/a      29.9%    29.6%     n/a
----------------------------------------------------------------------------
Operating costs     $4,135    $3,963       4.3%   $7,824   $7,469      4.8%
As a % of revenue     18.8%     20.4%      n/a      19.7%    20.4%     n/a
----------------------------------------------------------------------------
Operating income    $2,579    $1,936      33.2%   $4,053   $3,714      9.1%
As a % of revenue     11.7%       10%      n/a      10.2%    10.1%     n/a
----------------------------------------------------------------------------
Gain (loss) on
 foreign exchange    $(315)     $126      (350)%     $(6)    $222     (103)%
----------------------------------------------------------------------------
Net income          $1,546    $1,425       8.5%   $2,751   $2,657      3.5%
----------------------------------------------------------------------------
Earnings per share
 - diluted           $0.05     $0.06     (16.7)%   $0.10    $0.11     (9.1)%
----------------------------------------------------------------------------
EBITDA (1)          $2,698    $2,525       6.9%   $4,918   $4,803      2.4%
----------------------------------------------------------------------------
EBITDA per share -
 basic and diluted   $0.09     $0.11     (18.2)%   $0.18    $0.21    (14.3)%
----------------------------------------------------------------------------
Dividends declared
 per share          $0.035     $0.02       n/a    $0.165    $0.10      n/a
----------------------------------------------------------------------------
Weighted average
 number of common
 shares
 outstanding -
 diluted            28,871    23,302       n/a    26,306   23,214      n/a
============================================================================
                               As at     As at
                            June 30,  Dec. 31,
                                2014      2013
------------------------------------------------
Total assets                 $65,844   $49,013
------------------------------------------------
Total liabilities            $28,316   $28,780
------------------------------------------------
Shareholders'
 equity                      $37,528   $20,233
================================================

(1)  Reconciliation of EBITDA with net income provided in the following
      table.

Although EBITDA is not recognized according to IFRS, it is used by management, investors and analysts to assess the Corporation's financial and operating performance.

Reconciliation of EBITDA with Net Income


============================================================================
(in thousands of dollars -            Quarters Ended       Six-Month Periods
 unaudited)                                 June 30,          Ended June 30,
                            ------------------------------------------------
                                    2014        2013        2014        2013
----------------------------------------------------------------------------
Net income                        $1,546      $1,425      $2,751      $2,657
----------------------------------------------------------------------------
Plus:
Interest on long-term debt           144         156         280         330
----------------------------------------------------------------------------
Interest expense and banking
 fees                                 29          24          51          46
----------------------------------------------------------------------------
Income tax expense                   591         532       1,013       1,010
----------------------------------------------------------------------------
Depreciation of fixed assets         244         208         484         381
----------------------------------------------------------------------------
Amortization of intangible
 assets                              190         182         387         383
----------------------------------------------------------------------------
Less:
Interest income                       46           2          48           4
----------------------------------------------------------------------------
EBITDA                            $2,698      $2,525      $4,918      $4,803
============================================================================

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

@ThingsExpo Stories
Most people haven’t heard the word, “gamification,” even though they probably, and perhaps unwittingly, participate in it every day. Gamification is “the process of adding games or game-like elements to something (as a task) so as to encourage participation.” Further, gamification is about bringing game mechanics – rules, constructs, processes, and methods – into the real world in an effort to engage people. In his session at @ThingsExpo, Robert Endo, owner and engagement manager of Intrepid D...
With an estimated 50 billion devices connected to the Internet by 2020, several industries will begin to expand their capabilities for retaining end point data at the edge to better utilize the range of data types and sheer volume of M2M data generated by the Internet of Things. In his session at @ThingsExpo, Don DeLoach, CEO and President of Infobright, will discuss the infrastructures businesses will need to implement to handle this explosion of data by providing specific use cases for filte...
SYS-CON Events announced today that Fusion, a leading provider of cloud services, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Fusion, a leading provider of integrated cloud solutions to small, medium and large businesses, is the industry's single source for the cloud. Fusion's advanced, proprietary cloud service platform enables the integration of leading edge solutions in the cloud, including clou...
SYS-CON Events announced today that Commvault, a global leader in enterprise data protection and information management, has been named “Bronze Sponsor” of SYS-CON's 18th International Cloud Expo, which will take place on June 7–9, 2016, at the Javits Center in New York City, NY, and the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Commvault is a leading provider of data protection and information management...
SYS-CON Events announced today that Alert Logic, Inc., the leading provider of Security-as-a-Service solutions for the cloud, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Alert Logic, Inc., provides Security-as-a-Service for on-premises, cloud, and hybrid infrastructures, delivering deep security insight and continuous protection for customers at a lower cost than traditional security solutions. Ful...
SYS-CON Events announced today that VAI, a leading ERP software provider, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. VAI (Vormittag Associates, Inc.) is a leading independent mid-market ERP software developer renowned for its flexible solutions and ability to automate critical business functions for the distribution, manufacturing, specialty retail and service sectors. An IBM Premier Business Part...
The cloud promises new levels of agility and cost-savings for Big Data, data warehousing and analytics. But it’s challenging to understand all the options – from IaaS and PaaS to newer services like HaaS (Hadoop as a Service) and BDaaS (Big Data as a Service). In her session at @BigDataExpo at @ThingsExpo, Hannah Smalltree, a director at Cazena, will provide an educational overview of emerging “as-a-service” options for Big Data in the cloud. This is critical background for IT and data profes...
Fortunately, meaningful and tangible business cases for IoT are plentiful in a broad array of industries and vertical markets. These range from simple warranty cost reduction for capital intensive assets, to minimizing downtime for vital business tools, to creating feedback loops improving product design, to improving and enhancing enterprise customer experiences. All of these business cases, which will be briefly explored in this session, hinge on cost effectively extracting relevant data from ...
As enterprises work to take advantage of Big Data technologies, they frequently become distracted by product-level decisions. In most new Big Data builds this approach is completely counter-productive: it presupposes tools that may not be a fit for development teams, forces IT to take on the burden of evaluating and maintaining unfamiliar technology, and represents a major up-front expense. In his session at @BigDataExpo at @ThingsExpo, Andrew Warfield, CTO and Co-Founder of Coho Data, will dis...
With the Apple Watch making its way onto wrists all over the world, it’s only a matter of time before it becomes a staple in the workplace. In fact, Forrester reported that 68 percent of technology and business decision-makers characterize wearables as a top priority for 2015. Recognizing their business value early on, FinancialForce.com was the first to bring ERP to wearables, helping streamline communication across front and back office functions. In his session at @ThingsExpo, Kevin Roberts...
SYS-CON Events announced today that Interoute, owner-operator of one of Europe's largest networks and a global cloud services platform, has been named “Bronze Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2015 at the Javits Center in New York, New York. Interoute is the owner-operator of one of Europe's largest networks and a global cloud services platform which encompasses 12 data centers, 14 virtual data centers and 31 colocation centers, with connections to 195 ad...
Eighty percent of a data scientist’s time is spent gathering and cleaning up data, and 80% of all data is unstructured and almost never analyzed. Cognitive computing, in combination with Big Data, is changing the equation by creating data reservoirs and using natural language processing to enable analysis of unstructured data sources. This is impacting every aspect of the analytics profession from how data is mined (and by whom) to how it is delivered. This is not some futuristic vision: it's ha...
WebRTC has had a real tough three or four years, and so have those working with it. Only a few short years ago, the development world were excited about WebRTC and proclaiming how awesome it was. You might have played with the technology a couple of years ago, only to find the extra infrastructure requirements were painful to implement and poorly documented. This probably left a bitter taste in your mouth, especially when things went wrong.
Learn how IoT, cloud, social networks and last but not least, humans, can be integrated into a seamless integration of cooperative organisms both cybernetic and biological. This has been enabled by recent advances in IoT device capabilities, messaging frameworks, presence and collaboration services, where devices can share information and make independent and human assisted decisions based upon social status from other entities. In his session at @ThingsExpo, Michael Heydt, founder of Seamless...
The IoT's basic concept of collecting data from as many sources possible to drive better decision making, create process innovation and realize additional revenue has been in use at large enterprises with deep pockets for decades. So what has changed? In his session at @ThingsExpo, Prasanna Sivaramakrishnan, Solutions Architect at Red Hat, discussed the impact commodity hardware, ubiquitous connectivity, and innovations in open source software are having on the connected universe of people, thi...
WebRTC: together these advances have created a perfect storm of technologies that are disrupting and transforming classic communications models and ecosystems. In his session at WebRTC Summit, Cary Bran, VP of Innovation and New Ventures at Plantronics and PLT Labs, provided an overview of this technological shift, including associated business and consumer communications impacts, and opportunities it may enable, complement or entirely transform.
There are so many tools and techniques for data analytics that even for a data scientist the choices, possible systems, and even the types of data can be daunting. In his session at @ThingsExpo, Chris Harrold, Global CTO for Big Data Solutions for EMC Corporation, showed how to perform a simple, but meaningful analysis of social sentiment data using freely available tools that take only minutes to download and install. Participants received the download information, scripts, and complete end-t...
For manufacturers, the Internet of Things (IoT) represents a jumping-off point for innovation, jobs, and revenue creation. But to adequately seize the opportunity, manufacturers must design devices that are interconnected, can continually sense their environment and process huge amounts of data. As a first step, manufacturers must embrace a new product development ecosystem in order to support these products.
Manufacturing connected IoT versions of traditional products requires more than multiple deep technology skills. It also requires a shift in mindset, to realize that connected, sensor-enabled “things” act more like services than what we usually think of as products. In his session at @ThingsExpo, David Friedman, CEO and co-founder of Ayla Networks, discussed how when sensors start generating detailed real-world data about products and how they’re being used, smart manufacturers can use the dat...
When it comes to IoT in the enterprise, namely the commercial building and hospitality markets, a benefit not getting the attention it deserves is energy efficiency, and IoT’s direct impact on a cleaner, greener environment when installed in smart buildings. Until now clean technology was offered piecemeal and led with point solutions that require significant systems integration to orchestrate and deploy. There didn't exist a 'top down' approach that can manage and monitor the way a Smart Buildi...